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Efficient Full Implementation via Transfers: Uniqueness and Sensitivity in Symmetric Environments

Author

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  • Mariann Ollár
  • Antonio Penta

Abstract

We study efficient full implementation via transfers in unique rationalizable strategies in environments that are symmetric in two senses: first, agents display the same total level of preference interdependence; second, types are commonly known to be drawn from distributions with identical (but unknown) means. We characterize the conditions under which full efficient implementation is possible via direct mechanisms, as well as the transfer schemes that achieve it whenever possible. We discuss a further robustness property—robustness to mistaken play—and show that it uniquely selects the transfer scheme that induces an even redistribution of strategic externalities.

Suggested Citation

  • Mariann Ollár & Antonio Penta, 2022. "Efficient Full Implementation via Transfers: Uniqueness and Sensitivity in Symmetric Environments," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 438-443, May.
    • Handle: RePEc:aea:apandp:v:112:y:2022:p:438-43
    DOI: 10.1257/pandp.20221088
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    Cited by:

    1. Chen, Yi-Chun & Kunimoto, Takashi & Sun, Yifei, 2023. "Continuous implementation with payoff knowledge," Journal of Economic Theory, Elsevier, vol. 209(C).
    2. Federico Echenique & Mat'ias N'u~nez, 2022. "Price & Choose," Papers 2212.05650, arXiv.org, revised Apr 2023.

    More about this item

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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